NYMEX crude up $2/bbl on US jobs data

03 August 2012 14:41  [Source: ICIS news]

LONDON (ICIS)--NYMEX light sweet crude futures extended earlier gains to more than $2.00/bbl on Friday to take the front month September contract close to $90.00/bbl on the back of US new jobs data, which showed a much larger increase than had been forecast.

Prices had already risen sharply on concerns over supplies from the Middle East after the US Congress passed a new package of sanctions against Iran.

By 13:15 GMT, September NYMEX crude had hit a high of $89.79/bbl, a gain of $2.66/bbl from the Thursday close of $87.13/bbl, before easing back to around $89.45/bbl.

At the same time, September Brent crude on ICE Futures was trading around $107.45/bbl, having hit a high of $107.65/bbl, a gain of $1.75/bbl from the previous close of $105.90/bbl.

By: Tony Dillon
+44 20 8652 3214

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